The site is six miles east of here in Lake County and 28 miles northwest of Downtown Orlando. The parcel is on the northwest corner of State Road 44 and Country Road 437.
"I don't know of any other choice tracts like this one," Michael F. Heidrich, a senior vice president of Realvest Partners Inc. in Maitland, FL, tells GlobeSt.com. Heidrich participated in the transaction. His family owned the land.
Area industrial brokers following the deal tell GlobeSt.com the developers probably will be selling off lots, packaged in three-acre to 11-acre increments, at about $33,000 per acre, or 77 cents per sf, later this year. The developers paid about 14 cents per sf for the land. Development is not expected to begin until 2005. About 150 ranch-styled homes are planned on the site which will be developed with horse riding trails, brokers intimate with the deal tell GlobeSt.com.
Heidrich tells GlobeSt.com the deal took about a year to do. His family still has a 10-acre tract, not part of the 776-acre transaction, for sale at the same development corner. The 10-acre parcel is within an 18-acre tract that already has been zoned and approved for commercial development across the road from the 776-acre site.
"This will probably turn out to be the next commercial-residential hot spot in the northeast Lake County-Orange County corridor," a Lake County developer who may be involved in future development near the site tells GlobeSt.com. "The location is perfect for people who love to live in the country, ride horses and still be within a half-hour's drive of urban amenities such as those found in Orlando."
Two nearby planned subdivisions, Sorrento Springs and Heathrow Country Estates at State Road 46 and State Road 46A, are expected to spur new commercial development in the area, brokers tells GlobeSt.com.
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